Core Viewpoint - ST HuLuWa Pharmaceutical, once known as "China's top children's medicine brand," is currently facing severe challenges, with significant declines in revenue and profit reported in its 2025 semi-annual report [2][3]. Financial Performance - In the first half of 2025, ST HuLuWa achieved operating revenue of 508 million yuan, a year-on-year decrease of 42.89% [2]. - The net profit attributable to shareholders was 2.41 million yuan, down 94.14% year-on-year, while the net profit after deducting non-recurring gains and losses turned into a loss of 18.78 million yuan, a decline of 514.52% [2]. - The decline in performance is attributed to market demand fluctuations and intensified industry competition, particularly in the sales of respiratory medications [2]. Core Business Challenges - The core business segment of ST HuLuWa has experienced a severe downturn, with respiratory medications generating revenue of 299 million yuan, accounting for 58.86% of total revenue but down 52.91% year-on-year [3]. - Digestive system medications generated 109 million yuan, representing 21.46% of revenue, while systemic anti-infection medications brought in 49.51 million yuan, making up 9.74% of revenue [3]. Expense Structure - Sales expenses decreased significantly to 107 million yuan, down 60.25% year-on-year, accounting for 21.06% of revenue [4]. - Financial expenses increased to 21.07 million yuan, a rise of 77.74% year-on-year, primarily due to interest expenses from loan capitalized after project completion [4]. - R&D expenses were drastically reduced to 19.38 million yuan, down 80.69% year-on-year, attributed to the confirmation of R&D expenses based on progress [4]. Asset Quality - As of June 30, 2025, ST HuLuWa had cash and cash equivalents of 169 million yuan, a decrease of 33.65% from the end of 2024, mainly due to reduced cash receipts from sales [4]. - Accounts receivable increased to 455 million yuan, up 19.71% from the beginning of the period, with longer collection cycles due to the "two-invoice system" policy [5]. Regulatory Issues - ST HuLuWa faces serious challenges beyond performance declines, including issues with financial credibility and internal control deficiencies [6]. - In March 2025, the Hainan Securities Regulatory Bureau issued administrative measures against ST HuLuWa for non-compliance in revenue recognition and pricing, leading to significant adjustments in previously reported profits [6]. - The company adjusted its net profit for 2023 and the first half of 2024 by approximately 95.64 million yuan and 37.66 million yuan, respectively, revealing that much of the previously reported profit was not from genuine business activities [6]. Audit Concerns - In April 2025, the accounting firm Li Xin issued a qualified opinion on ST HuLuWa's 2024 financial report and a negative opinion on its internal control audit [6]. - The audit revealed that the controlling shareholder provided funds to customers through non-employee personal accounts, raising concerns about the collectability of large accounts receivable [6]. - ST HuLuWa purchased eight R&D projects from an affiliated company for 42.05 million yuan, which has ties to the actual controller, raising questions about the commercial rationale and potential financial impact of these transactions [7].

Core Viewpoint - Hainan Huluwa Pharmaceutical Group Co., Ltd. (referred to as "Huluwa Pharmaceutical") reported a significant decline in revenue and profit for the first half of 2025, primarily due to reduced sales of respiratory medications [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 508 million yuan, a year-on-year decrease of 42.89% [1]. - The net profit attributable to shareholders was 2.41 million yuan, down 94.14% year-on-year [1]. - The net profit after deducting non-recurring items was -18.78 million yuan, a decline of 514.52% year-on-year [1]. - Revenue from respiratory medications was 299 million yuan, accounting for 58.86% of total revenue, with a year-on-year decline of 52.91% [2]. - Revenue from digestive system medications was 109 million yuan, making up 21.46% of total revenue [2]. - Revenue from systemic anti-infection medications was 49.51 million yuan, representing 9.74% of total revenue [2]. Cost Structure - Sales expenses decreased significantly to 107 million yuan, down 60.25% year-on-year, accounting for 21.06% of revenue [2]. - Financial expenses increased to 21.07 million yuan, a rise of 77.74% year-on-year, primarily due to interest expenses from loans after project completion [2]. - Research and development expenses fell to 19.38 million yuan, down 80.69% year-on-year [3]. Balance Sheet and Liquidity - The company's cash and cash equivalents decreased to 169 million yuan, a reduction of 33.46% from the end of 2024 [4]. - Accounts receivable increased to 455 million yuan, a growth of 19.71% from the beginning of the period [4]. - The asset-liability ratio reached 74.33%, indicating a high level of debt relative to assets [4]. Regulatory Issues - Huluwa Pharmaceutical has faced multiple regulatory penalties this year, including being ordered to rectify issues related to annual report disclosures [5][7]. - The company’s stock was placed under risk warning and renamed "ST Huluwa" starting April 30, 2025, due to financial reporting issues [7]. - The company received criticism for failing to disclose performance forecasts in a timely manner, leading to disciplinary actions against its executives [7][8].

Core Viewpoint - ST HuLuWa has received approval from the National Medical Products Administration for two new drug registrations, indicating a significant advancement in its product pipeline and potential market opportunities in diabetes and respiratory disease treatments [1] Group 1: Drug Approvals - The company has obtained drug registration certificates for Metformin and Empagliflozin Tablets (I) and Inhaled Compound Ipratropium Bromide Solution [1] - Metformin and Empagliflozin Tablets (I) are indicated for adult patients with type 2 diabetes, aimed at improving blood sugar control when used alongside diet and exercise [1] - The inhaled compound solution is intended for patients requiring multiple bronchodilators for the treatment of reversible bronchospasm associated with obstructive airway diseases [1] Group 2: Regulatory Compliance - Both drugs were approved based on the technical requirements for quality and efficacy consistency with reference preparations, which aligns with the standards for generic drug quality and efficacy evaluation [1]

证券代码：605199 证券简称：ST 葫芦娃 公告编号：2025-065 海南葫芦娃药业集团股份有限公司 关于获得药品注册证书的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 海南葫芦娃药业集团股份有限公司（以下简称"公司"）近日收到国家药品监督管 理局（以下简称"国家药监局"）核准签发的关于二甲双胍恩格列净片（Ⅰ）、吸入用 复方异丙托溴铵溶液的《药品注册证书》。现将有关情况公告如下： 一、二甲双胍恩格列净片（Ⅰ） 注册分类：化学药品 4 类 规格：每片含盐酸二甲双胍 500mg 与恩格列净 5mg （一）药品基本情况 药物名称：二甲双胍恩格列净片（Ⅰ） 剂型：片剂 上市许可持有人：海南葫芦娃药业集团股份有限公司 受理号：CYHS2302981 药品批准文号：国药准字 H20255188 根据国家药监局网站数据查询，截至本公告披露日，除本公司外，国内还有 9 家企 业获批二甲双胍恩格列净片（I）。 截至目前，公司对该产品已累计投入研发费用人民币 1160.07 万元（未经审计）。 二、吸入用复方异丙托溴铵溶液 （一）药 ...

格隆汇9月1日丨ST葫芦娃(605199.SH)公布，公司近日收到国家药品监督管理局核准签发的关于二甲双 胍恩格列净片（Ⅰ）、吸入用复方异丙托溴铵溶液的《药品注册证书》。二甲双胍恩格列净片（Ⅰ）适 应症为配合饮食控制和运动，适用于正在接受恩格列净和盐酸二甲双胍治疗的2型糖尿病成人患者，用 于改善这些患者的血糖控制。该药品按照与参比制剂质量和疗效一致的技术要求审评并获批，批准后视 同通过仿制药质量和疗效一致性评价。 ...

ST葫芦娃公告，公司近日收到国家药品监督管理局核准签发的关于二甲双胍恩格列净片（Ⅰ）和吸入 用复方异丙托溴铵溶液的《药品注册证书》。其中，二甲双胍恩格列净片（Ⅰ）已累计投入研发费用 1160.07万元，吸入用复方异丙托溴铵溶液已累计投入研发费用316.96万元。 ...

Core Viewpoint - ST HuLuWa reported a significant decline in revenue and profit for the first half of 2025, attributed to market demand fluctuations and intensified industry competition [1][2] Financial Performance - The company achieved a revenue of 508 million yuan, a year-on-year decrease of 42.89% [1] - Net profit attributable to shareholders was 2.41 million yuan, down 94.14% year-on-year [1] - The non-recurring net profit was -18.78 million yuan, indicating a loss [1] Product Portfolio - ST HuLuWa has 111 products in production and sales, with 54 specifically for children aged 0-14, covering respiratory, digestive, antiviral, and infectious diseases [1] - Key products include Xiaoer Feire Keshuan Granules and Changain Ning Granules [1] Operational Challenges - The decline in revenue was primarily due to reduced sales of respiratory medications and increased management and financial expenses, which rose by 15.96% and 77.74% respectively [1] - The company faced criticism from the Shanghai Stock Exchange for discrepancies in its financial reporting, leading to a record in the integrity database [1][2] Accounting Issues - A self-examination revealed that ST HuLuWa had prematurely recognized revenue and engaged in abnormal pricing, necessitating corrections to previous financial reports [2] - Adjustments to the 2023 annual report and 2024 semi-annual report resulted in a net profit reduction of approximately 95.64 million yuan and 37.66 million yuan, respectively [2] Audit Concerns - The auditing firm, Lixin, issued a qualified opinion on the 2024 annual report due to concerns over accounts receivable and lack of adequate audit evidence regarding sales contracts [3] - The company purchased eight R&D projects from Hainan Zhongwang Medical Technology Development Co., Ltd. for 42.05 million yuan, raising questions about the commercial substance of these transactions [3]

Core Viewpoint - ST HuLuWa's financial performance in the first half of 2025 showed a significant decline, with a 42.89% decrease in revenue and a 94.14% drop in net profit, indicating serious operational challenges and potential accounting issues [1][2]. Financial Performance - The company reported a revenue of 508 million yuan in the first half of 2025, down from the previous year [1]. - Net profit attributable to shareholders was 2.41 million yuan, a decrease of 94.14% year-on-year [1]. - The company experienced a non-recurring net profit loss of 18.78 million yuan, indicating a shift from profit to loss [1]. Product Portfolio - ST HuLuWa has 111 products in production and sales, with 54 specifically designed for children aged 0-14, covering various common pediatric diseases [1]. - Key products include Xiaoer Feire Keshuan Granules and Changain Ning Granules [1]. Reasons for Performance Decline - The decline in revenue was attributed to fluctuations in market demand and intensified industry competition, particularly in respiratory medication sales [1]. - Management and financial expenses increased by 15.96% and 77.74% respectively, contributing to the net profit loss [1]. Accounting Issues - The company discovered that some sales were recognized prematurely, leading to inaccuracies in financial reporting for 2023 and 2024, with net profit adjustments of approximately 95.64 million yuan and 37.66 million yuan respectively [2]. - Nearly 90% of the 2023 net profit and about 50% of the 2024 mid-year net profit were derived from premature revenue recognition and abnormal pricing [2]. Audit Concerns - The auditing firm, Lixin, issued a qualified opinion on the 2024 annual report and a negative opinion on internal control, citing insufficient evidence regarding customer payments and related party transactions [3]. - There were concerns about the company's related party transactions, particularly with Hainan Zhongwang Medical Technology Development Co., which raised questions about the commercial substance of these transactions [3].

从股价来看，2025年3月31日至2025年6月30日，ST葫芦娃区间跌幅为38.76%，在此期间股东户数减少 1.19万户，减幅为27.3%。 证券之星消息，近日ST葫芦娃披露，截至2025年6月30日公司股东户数为3.16万户，较3月31日减少1.19 万户，减幅为27.3%。户均持股数量由上期的9209.0股增加至1.27万股，户均持股市值为11.49万元。 在中药行业个股中，ST葫芦娃股东户数低于行业平均水平，截至6月30日，中药行业平均股东户数为 5.25万户。户均持股市值方面，中药行业A股上市公司户均持股市值为24.54万元，ST葫芦娃低于行业平 均水平。 | | | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值 (元) 户均持股数 (股) | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025-06-30 | -38.76% | | 31587 -11862 | -27.30% | 11.49万 | 1.27万 | | 2025-03-31 | -7.03% | 43449 | 874 | 2.05% | 1 ...

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a 42.89% decrease in revenue and a 94.14% drop in net profit, attributed to market demand fluctuations and intensified industry competition [2][16]. Company Overview and Financial Indicators - The company, Hainan Huluwa Pharmaceutical Group Co., Ltd., operates in the pharmaceutical manufacturing sector, focusing on children's health products and traditional Chinese medicine [2][10]. - Key financial metrics for the first half of 2025 include: - Revenue: CNY 507.67 million, down 42.89% from the previous year - Total profit: CNY 8.18 million, down 83.71% - Net profit attributable to shareholders: CNY 2.41 million, down 94.14% [2][16]. - The company reported a total asset value of CNY 2.91 billion at the end of the reporting period, a decrease of 1.72% compared to the previous year [2]. Business Operations and Market Position - The company specializes in the research, production, and sales of pharmaceutical products, particularly focusing on children's medications and health supplements [3][9]. - The product portfolio includes 111 varieties, with 54 specifically designed for children, covering common pediatric diseases [3][9]. - The company has established a modern production base and R&D center in Haikou and Nanning, enhancing its production capabilities [3][4]. Industry Context - The pharmaceutical industry is undergoing significant changes due to policy adjustments and market demand shifts, with a projected decline of 2.8% in the industry overall for 2025 [10][11]. - The government is expanding drug procurement policies, which is reshaping the industry landscape and encouraging innovation [11][12]. - The demand for pediatric medications is expected to grow due to increased health awareness among parents and the expansion of health insurance coverage [12][13]. Research and Development - The company is actively engaged in R&D, focusing on innovative pediatric formulations and expanding its product line to meet market needs [17][18]. - The company has received approvals for several new drug registrations, enhancing its product offerings in various therapeutic areas [18][19]. Marketing and Sales Strategy - The company employs a multi-channel marketing strategy, targeting both traditional and online sales channels to increase market penetration [7][19]. - Efforts are being made to strengthen partnerships with healthcare institutions and retail pharmacies to improve product visibility and accessibility [19].